Category: Focus

H-E-B Ventures Into the North Texas Market

Posted on by Sarah

The line started building at 6 p.m., about 12 hours before the doors of H-E-B’s first Metroplex store were slated to open. Jennifer Burnison knew she was going to have to stake out a spot early.

“As soon as they announced the release date, I was talking with my daughter and we said, ‘Alright, we’re going to be there,'” she shared. “We were trying to figure out how early was too early. Black Friday we’re used to 4 a.m., but we kind of had a feeling we had to get here even earlier for this.”

Burnison was right. By the time 5 a.m. rolled around, the line of eager customers was up to about 1,500 deep, a testament to the excitement surrounding the opening of the 118,000-square-foot Frisco store.

“I was in line with a lady who drove an hour just to get here from Sherman,” said shopper Kaleesa Johnson. Burnison got to be the first person through the doors, greeted with a gift basket, confetti and a marching band. The customers who followed behind her also got free samples and giveaways.

“We are so happy H-E-B is finally here,” said Millie Stussy. “There are so many things on my shopping list!”

The San Antonio-based company operates a handful of its Central Market stores in North Texas, but Frisco is its first H-E-B location.

“Opening our flagship H-E-B format in the DFW area has been an aspirational goal of ours for many years, and the company has a long-term commitment to serve a broad range of customers and communities across North Texas,” Stephen Butt, H-E-B board member, said in a statement. Click to read more at www.rednews.com.

“Forethought and Intentionality” Developers Turn to Mixed-Use

Posted on by Sarah

Developers Turn to Mixed-use Developments to Fill Community Needs

It’s difficult to fully explain the impact of the COVID-19 pandemic on commercial real estate. It changed consumer behavior in such a significant way, every sector was impacted in one way or another. Some, such as industrial, were strengthened, while sectors such as office and retail were forced to adapt to survive. Multifamily also saw a boom as it evolved to answer the needs of its residents, reinforcing a model that’s been growing in popularity: mixed-use developments.

“There has been a big push for live-work-play and mixed-use communities over the past decade, fueled by a number of factors including a preference for many professionals to live and work in the same community, which significantly reduces commute time to and from work,” said Srinath Pai Kasturi, Executive Vice President of Cadence McShane, which is recognized as one of the largest multifamily builders in the nation.

He added that since the pandemic, the trend of working from home is more of a reality now than it has ever been.

“Although many companies are currently requiring employees to report back to work in person, most companies have recognized certain efficiencies with remote workplaces and are allowing for some type of hybrid model in order to attract and retain top talent,” Kasturi said. “In response to this, developers are building communities that cater to new resident preferences by offering a more holistic community environment where residents can enjoy the most common amenities at their fingertips, with additional amenities including transit, retail, and entertainment all within walking distance.” Click to read more at www.rednews.com.

Most New Units Since 1972: Developers Building Apt Units at Record-Setting Pace

Posted on by Sarah

A building boom. That’s what the U.S. apartment market is seeing this year, according to the latest research from Yardi Matrix.

In a report released in late August, Yardi Matrix said that construction crews will bring 420,000 new apartment units to the United States this year. That’s a 50-year high. According to Yardi, the last time apartment completions surpassed the 400,000-unit mark was in 1972.

And three Midwest markets are expected to rank among the busiest 20 major metropolitan areas this year when it comes to new apartment units: Nashville, Chicago and Minneapolis-St. Paul.

The New York metropolitan area is projected to deliver the most apartment units in 2022, beating out Dallas-Fort Worth for the top position for the first time since 2018. Overall, developers in half of the country’s top-20 metropolitan areas are now on an apartment building spree, with these metros expeced to hit their five-year highs in new multifamily construction this year.

“The construction industry is finally returning to pre-pandemic levels of activity but is still being hampered by three familiar challenges: labor shortages; material costs and availability; and supply chain issues,” said Doug Ressler, manager of business intelligence at Yardi Matrix, in a written statement.

What’s behind this construction boom? Yardi Matrix points to pent-up demand for multifamily units across the country. This demand has only risen as many renters hold off on buying homes as inflation and interest rates rise.

In the Midwest, Nashville ranks as the hottest market for new apartment construction. Yardi Matrix says that this Tennessee city will deliver 9,620 new aparment units in 2022, ranking it as the 13th busiest new-construction market.

Chicago will see 8,573 new apartment units by the end of this year. That places the city as the 16th busiest in terms of new multifamily construction. Expect 6,266 new apartment units in the Minneapolis-St. Paul market, making it the 19th busiest new-construction market in the country.

Texas, as usual, was well-represented. Yardi Matrix reported that the Dallas market will see 23,571 new apartment units in 2022, placing it second only to the New York metro market. Austin ranked fourth on Yardi Matrix’s list, with 18,288 new apartment units projected to be delivered here during the year, while Houston ranked fifth with an expected 17,759 new apartment units.

Yardi Matrix said that the Houston market will see the highest number of apartment completions that it has seen in the last five years. Austin climbed three positions on the Yardi Matrix list this year to inch past Houston.